Episode 33: Lease and Addendum Breakdown, A 3-Part Masterclass (Part 2)
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This week we are in part 2 of a 3-part series on leases and addendums and pick up where we left off in episode 32. If you have not yet listened to that one, give it a listen before you dive into this episode.
We are doing a mini masterclass on leases and addendums for rental property owners, and these are episodes you will NOT want to miss!
Starting with the base lease (ours is 21 pages), we discuss each section that should be included in every landlord’s lease, and we explain why.
Where last weeks episode covered the main components of the lease that MUST be in every lease, this week we are discussing items that are more to cover yourself with regards to your criteria or conditions and standards you set for your rental properties. Things like prohibitions, repairs to the property, and appliances.
Even if you use a preformed lease or one from your property manager, you need to know THIS ONE PART of your rental property business. What’s in your lease contract is what covers you and your assets.
We are sharing stories and examples of certain sections to help our listeners understand their importance, as not every area pertains to all rental properties.
By going over our very comprehensive lease, section by section, paragraph by paragraph and discussing each and every clause and why it is important, you’ll soon be mastering leases and addendums too.
We do not expect DIY landlords to write their own leases! You can purchase REALLY GOOD leases online at EZ Landlord Forms. Check out the link and discount code in our links below!
Already have a lease? If you feel anything you learn in these 3 episodes pertains to your rental property, take your lease to your legal team and have them add it in.
LINKS
👉 Bed bugs:
EPA website with many resources on bedbugs: https://www.epa.gov/bedbugs
Great resource on all things bedbugs: https://www.pestworld.org/all-things-bed-bugs/
Video/Free Course on bedbugs: https://stopbedbugs.org/
👉 Mold: California booklet required to be given to all tenants with lease
👉 Listen to our podcast, Episode 11: Inheriting Tenants with Your New Rental Property? Here’s What You Need to Know.
This episode discusses before, during, and after how to deal with tenants when there is a sale of the investment property they reside in.
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